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    • Andy-1966
    • By Andy-1966 4th Jan 18, 6:12 PM
    • 5Posts
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    Andy-1966
    Two pensions what to do
    • #1
    • 4th Jan 18, 6:12 PM
    Two pensions what to do 4th Jan 18 at 6:12 PM
    I work for a local council and have just started with their pension scheme. It's a fairly decent pension with good contributions. I have had a private pension for 25 years with the Pru. What should i do with that pension? i cannot afford both, and the works pension is far better, should i freeze the pension with the Pru or should i consider transferring it into the works pension.

    I have no idea about this stuff so any help would be appreciated

    Thank you

    Andy
Page 1
    • Kynthia
    • By Kynthia 4th Jan 18, 6:18 PM
    • 5,150 Posts
    • 7,172 Thanks
    Kynthia
    • #2
    • 4th Jan 18, 6:18 PM
    • #2
    • 4th Jan 18, 6:18 PM
    Most people stop paying into their old work pension when tgey join a new employer's scheme and many contribute to a private pension as and when they can afford to. So no longer contributing to your Pru pension and leaving it for now isn't an issue.

    Whether you want to transfer it into your lgps scheme depends on how good your pru pension is and your personal retirement plans. Getting a quote to do so wouldn't hurt though.
    Don't listen to me, I'm no expert!
    • MallyGirl
    • By MallyGirl 4th Jan 18, 6:21 PM
    • 2,741 Posts
    • 7,746 Thanks
    MallyGirl
    • #3
    • 4th Jan 18, 6:21 PM
    • #3
    • 4th Jan 18, 6:21 PM
    I would do a bit of research to see how each is invested. Do you feel comfortable with what you find? What makes you think that the works one is better?
    I don't particularly like how my company one is invested in but the company contributions and ability to salary sacrifice make me stay in it. I expect to transfer some of it out to my SIPP over time so that I can make different investment choices than are not available within the company one.
    You will need to ask whether the works scheme accepts transfers in.
    • greenglide
    • By greenglide 4th Jan 18, 6:59 PM
    • 3,104 Posts
    • 2,020 Thanks
    greenglide
    • #4
    • 4th Jan 18, 6:59 PM
    • #4
    • 4th Jan 18, 6:59 PM
    h to see how each is invested
    But this will be LGPS (hopefully) which is a DB scheme so comparing investments isn't relevant.
    • Silvertabby
    • By Silvertabby 4th Jan 18, 7:03 PM
    • 2,879 Posts
    • 4,102 Thanks
    Silvertabby
    • #5
    • 4th Jan 18, 7:03 PM
    • #5
    • 4th Jan 18, 7:03 PM
    Ask for a quote to see how much LGPS pension your Pru fund will buy.

    You won't be committed to going ahead with the transfer.
    • xylophone
    • By xylophone 4th Jan 18, 7:16 PM
    • 25,599 Posts
    • 15,128 Thanks
    xylophone
    • #6
    • 4th Jan 18, 7:16 PM
    • #6
    • 4th Jan 18, 7:16 PM
    https://www.pru.co.uk/rz/localgov/?utm_source=redirect&utm_medium=301&utm_campaign=/rz/landing_page/lgps_landingpage/

    The Pru run the AVC scheme for LGPS - it might even be worth considering a transfer in to the AVC scheme and continuing to contribute?
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